friday update

SHORT TERM: quiet day with tight trading range, DOW -34
Overnight the Asian markets were all higher. Europe opened higher but closed -0.4%. US index futures were lower overnight, and at 8:30 Personal income was reported higher +1.4% v +0.4%, as well as Consumer spending +0.3% v 0.0%. At the open the market traded down to SPX 915, and then rose to 920 in the opening minutes before turning lower again. At 10:00 the UoM reported Consumer sentiment at 70.8% v 69.0%. At 11:00 the SPX held support at the OEW pivot when it hit 913. After that the market tried to rally for the rest of the day. Despite a lower USD, neither Crude nor Stocks could make much progress. At 2:30 FED chairman Bernanke gave a speech at the BoLS: http://www.federalreserve.gov/newsevents/speech/bernanke20090626a.htm. Nearing the close the SPX hit its best level of the day at 922, and then tailed off into the close. For the day the SPX/DOW were -0.30%, and the NDX/NAZ  were +0.40%. Bonds were up about 6 ticks, Crude dropped 85 cents, Gold gained $1.00, and the Euro was higher. Support for the SPX remains at 912 and then 848, with resistance at 935 and then 961. Short term momentum stayed near neutral and was rising heading into the close. Nothing has changed from yesterdays update. Overhead resistance remains at 927 and then the 935 OEW pivot. The market still appears to be in Minor wave 2 of the next downtrend. Best to your weekend!
MEDIUM TERM: uptrend may have topped at SPX 956
LONG TERM: bear market

About tony caldaro

Investor
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58 Responses to friday update

  1. CB says:

    Tony – re: the $USD you say that you feel that it it has been in an uptrend since the 78.33 low. However, you are not labeling it that way yet. Also, you are showing it impulsing down recently. Is it possible then that we still have some unfinished business here on the impulse side? What would you need to see happen on the $USD chart at this point to declare a trend? Thanks.

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  2. Amos says:

    I was going to move to another country, Like Bud China or my close friends who used to work for L.A. Police departments and moved to Russia to become Spys….But I just can\’t see myself living in another country…So like the Kennedys Family I opt to work in government part time but still work in my field of choice. CIA is still hiring…If your young and can speak another tongue, the CIA wants you…living in another country its just not me….I have some very close friends living in Russia they love it…I currently also work for another Central Agency that owned by Church group. I enjoy their FARM program much better. If your honest and can be trusted….the Government wants you….You can just about write your ticket…FIAT Money System allows Government to do all kinds of programs. You would be amazed at how many people work for Government in some way or another….Many of the Indians Casinos owners work for the Government but also own their own Casinos and Gas Stations ect…Yes, Currently, CIA is hiring big time…..they even promote it with public website now…Trick is to get as many paychecks as you can. I also want to run for somekind of public office soon. Maybe next year. My first cousin just got elected to public seat in Pismo Calfifornia. He will retain his public service retirement for life after serving just one term. Sweet sweet deal. Most rich people enter public service…because the Government will always be around. Just like the mafia you will never know whos a member unless they tell u….Secret Agents, are by the millions…..Remember the United States of America owns over 25,000 business\’s worldwide. Just becasue some CEO and V.P. are in the top seat of the corporations don;t think that the real owners not Uncle Sam…

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  3. tony says:

    Hi Mike,Feel the USD has been in an uptrend from the 78.33 low.Expecting it to rally soon to just above 82.Then the USD and the SPX could head down together.

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  4. Amos says:

    Cobalt I don\’t work for that department anymore. That was many many moons ago. After I was working for Secret Service Agency now I work for CIA. Many years ago…..I don\’t have a day job….My day job is trading…and playing around…

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  5. Wiggin4u says:

    Thanks Forker, cheesy web sites are a dime a dozen, sounds like noise to me. Just waiting for a hamburger.

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  6. Amos says:

    Bud or anyone else who is currently long BGZ….. http://www.americanbulls.com (BGZ) it has Buy IF alert going into Monday trading.

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  7. Forkoholic says:

    Some of Neely\’s clan on Yelnick so go ask there 😉

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  8. Wiggin4u says:

    LOL Kind of my point Forker. Has he ever been right? Do you really not see the sarcasm in the question? Well I thought it was funny.

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  9. Forkoholic says:

    wow, Laos News is my favorite! Read it every day! Won\’t wake up without it ;-)) lol

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  10. Wiggin4u says:

    Yes Forker, what is Neely saying, after this Sunday article. Was wondering if he had commented on Thursday and Friday\’s action. http://www.laosnews.net/story/510090

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